Volvo CE President Pat Olney reaffirms cautious outlook for North America in 2013

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PRESS INFORMATION

At the inaguration of the company’s $100 million investment facility in Shippensburg, Penn., President of Volvo Construction Equipment, Pat Olney outlined his belief that the market will remain flat in 2013 with a +5 /-5% market development expected during the year in North America.

Speaking at a gathering of North American and international journalists, Mr. Olney confirmed that, despite the prediction of a broadly flat market during 2013, Volvo Construction Equipment (Volvo CE) still saw North America as a home market and an important one for the future.

He outlined the importance of the company’s global investment strategy, one that has resulted in more than $600 million of investments in recent years. The company also continutes to invest in order to maintain its position as a leading industry player.

That ongoing investment is evidenced by the unveiling of a new regional headquarters for the Americas and production launch of the first locally produced wheel loaders in Shippensburg.

“The North American market has been challenging for a number of years but last year saw an improvement over the year before,” Mr. Olney said. “While we feel the economic climate points towards a flat development in the short term, we also see an upside going forward. The investment we are unveiling today is a sign of our long-term confidence in North America and our commitment to the market here.”

During the press conference, Mr. Olney also asserted the company’s support for recent statements from the administration in Washington and various members of Congress in favor of various governmental initiatives that have been launched to promote long-term funding for infrastructure projects.